St Austell Brewery, the brewer and pub operator, has secured a new £15m Revolving Credit Facility (RCF) from HSBC to help further grow its pub estate.
The c180-strong company has added HSBC to its list of banking partners in the process to help support its “ambitious acquisition strategy”.
It said that the new funding would allow the business to increase investment over the next few years, helping to drive new strategic pub and hotel acquisitions.
Colin Stratton, finance director at St Austell Brewery, said: “We’re always looking at ways to grow and improve our estate, which includes some of the most well-known and best-loved pubs, inns and hotels in the South West. We have a very carefully considered acquisition strategy so were impressed when HSBC took a similarly strategic approach to our funding requirements. We’re delighted to be working with the bank, in particular our relationship director in Cornwall Martin Rowe, and look forward to drawing on the funding when the right opportunities arise.”
James Jordan, HSBC’s head of Corporate Banking, South West, said: “St Austell Brewery is synonymous with Cornwall and the South West, which is a region HSBC has also had a presence in for many years. HSBC is committed to helping local businesses realise their growth ambitions, so we are thrilled to be added to the brewery’s banking roster and look forward to helping the company pursue its acquisition plans.”